SE Asia Stocks - Thai shares up Q2 GDP growth
BANGKOK, Aug 18 (Reuters) - Thai shares gained modestly on Monday after second-quarter GDP growth helped the domestic economy avoid a technical recession, while Oversea-Chinese Banking Corporation underperformed the Singapore market after the bank announced a rights issue. Bangkok's SET index edged up 0.04 percent as investors bought banking stocks such as Siam Commercial Bank and Kasikornbank ahead of interim dividend announcements later this month. Thailand's economy expanded 0.9 percent in April-June from the previous three months, avoiding a technical recession, and grew 0.4 percent from a year earlier, the planning agency said. Investors focussed on the ruling military council's discussion of the 2015 fiscal budget plan on Monday and formation of an interim government seen later this month. "Market momentum is likely to remain positive this week with further upside, driven by optimism over the fiscal budget and the next prime minister," strategists at broker Krungsri Securities wrote in a report. Singapore's Straits Times Index was down 0.37 percent, with shares of Oversea-Chinese Banking Corp falling as much as 1.4 percent to an over one-week low. Other Southeast Asian markets were rangebound in line with Asia after U.S. stocks ended mixed on Friday, paring an earlier selloff sparked by reports of Ukraine shelling a Russian armoured column. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0305 GMT Market Current Prev Close Pct Move TR SE Asia Index* 444.49 444.35 +0.03 Singapore 3302.60 3314.77 -0.37 Kuala Lumpur 1862.62 1864.31 -0.09 Bangkok 1547.28 1546.62 +0.04 Jakarta 5163.84 5148.96 +0.29 Manila 7030.71 7008.51 +0.32 Ho Chi Minh 605.12 604.24 +0.15 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
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